Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. Core Viewpoints - **Lead Market**: Lead prices oscillated and declined, with the support at the raw material end weakening due to some smelters lowering waste battery prices. Considering the tight raw materials and reduced supply, the downside space for lead prices is limited. The recommended trading strategy is to wait and see [1]. - **Zinc Market**: The zinc ore supply is continuously tightening, and TC is likely to fall rather than rise, which may disrupt the supply side and provide some support for zinc prices. The recommended trading strategy is to wait and see, and be vigilant about the recurrence of overseas structural risks [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Data**: On December 2, 2025, the average price of SMM1 lead ingots was 16,975 yuan/ton, unchanged from the previous day; the closing price of the main lead futures contract was 17,075 yuan/ton, down 0.09%. The LME0 - 3 lead was at a discount of 41.94 dollars/ton on November 28, with an open interest of 167,985 contracts, an increase of 1,812 contracts [1]. - **Fundamentals**: The import of lead concentrates has no expected increase, and processing fees are likely to rise. However, last week, more smelters had maintenance, and the production of primary lead decreased. In the secondary lead sector, a smelter in Yunnan reduced production due to maintenance. The consumption of lead - acid batteries for electric bicycles is gradually weakening, while the automotive battery market is approaching the traditional replacement peak season [1]. - **Industry News**: The new mandatory national standard for electric bicycles (GB 17761 - 2024) was fully implemented on December 1, 2025, and the old - version standard vehicles are prohibited from being sold. The new standard has multi - dimensional upgrades, with a significant improvement in fire - prevention performance as the core highlight [1]. Zinc - **Price and Market Data**: On December 2, 2025, the average price of SMM1 zinc ingots was 22,490 yuan/ton, up 0.85% from the previous day; the closing price of the main zinc futures contract was 22,590 yuan/ton, up 0.74%. The LME0 - 3 zinc was at a premium of 224.43 dollars/ton on November 28, with an open interest of 219,731 contracts, a decrease of 2,655 contracts [1]. - **Fundamentals**: Due to economic considerations, smelters are actively purchasing domestic zinc ores, and the domestic ore supply is tight. Processing fees are expected to continue to decline. The smelter's profit and production enthusiasm have improved, and the monthly production is expected to remain at around 600,000 tons. The demand side is still weak, and the start - up of some downstream enterprises has decreased due to environmental protection and cold weather [1]. - **Industry News**: The national mining group of country A (SONAREM) emphasized that the Bejaia zinc - lead mine project must start production as planned, with an annual production of 170,000 tons of zinc concentrate and 30,000 tons of lead concentrate. The project is in the final stage of land acquisition compensation, and legal procedures are about to end [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - For lead, the lead price oscillated and declined. Although the processing fee of lead concentrate is likely to rise and difficult to fall, it has not had a substantial impact on refinery operations. Some refineries have maintenance plans, and the production of primary lead has fluctuated slightly. The production of recycled lead has increased, and the demand from lead - battery enterprises has also increased. Overall, the supply shortage has improved, and the lead price is under pressure. It is recommended to hold previous short positions [1]. - For zinc, the zinc market fundamentals remain weak, and the short - term zinc price may be under pressure. In the medium term, the ore supply will tighten in the fourth quarter, which may affect the supply side and provide some support for the zinc price. It is recommended to trade within a range and hold previous short positions [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Data** - The average price of SMM1 lead ingots decreased by 0.44% compared to the previous day, and the closing price of the main Shanghai lead contract decreased by 0.53% compared to the previous day. The LME3 - month lead futures closing price (electronic trading) remained unchanged. The Shanghai - London lead price ratio decreased by 0.53% [1]. - The futures active contract trading volume increased by 5.40%, and the position decreased by 0.80%. The LME inventory remained unchanged, and the Shanghai lead warehouse receipt inventory decreased by 3.05% [1]. - **Industry News** - Some waste lead - acid battery recycling enterprises in Beijing reduced the purchase price of waste automotive batteries by about 50 yuan/ton due to the continuous decline of lead price. They expect the purchase price to remain low in the short term [1]. - On November 24th, the [LME0 - 3 lead] was at a discount of 28.49 dollars/ton, and the position increased by 162 hands to 160,841 hands [1]. Zinc - **Price and Market Data** - The average price of SMM1 zinc ingots increased by 0.09% compared to the previous day, and the closing price of the main Shanghai zinc contract decreased by 0.13% compared to the previous day. The LME3 - month zinc futures closing price (electronic trading) remained unchanged. The Shanghai - London zinc price ratio decreased by 0.13% [1]. - The futures active contract trading volume decreased by 18.76%, and the position increased by 3.41%. The LME inventory remained unchanged, and the Shanghai zinc warehouse receipt inventory decreased by 1.10% [1]. - **Industry News** - Kazakhstan's refined zinc production in October was 20,475 tons, a 1.5% increase from September. The total refined zinc production in the first 10 months of this year was 214,334 tons, a 3.7% year - on - year decrease [1]. - On November 24th, the [LME0 - 3 zinc] was at a premium of 140.2 dollars/ton, and the position decreased by 1,637 hands to 216,552 hands [1].

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20251124：沪铅上方承压；沪锌震荡偏弱 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/24 | | 指标 | 单位 | 今值 | | 变动 | 近期趋势 | | 元/吨 | | SMM1#铅锭平均价格 | | 17,075.00 | | -0.29% | | | 沪铅期现价格 | | 期货主力合约收盘价 | 元/吨 | 17,165.00 | | -0.32% | | | 元/吨 | | 沪铅基差 | | -90.00 | | 5.00 | | | 元/吨 | | 升贴水-上海 | | 25.00 | | - | | | 美元/吨 | | 升贴水-LME 0-3 升贴水-LME 3-15 | 美元/吨 | -22.41 -85.30 | | 6.50 - | | | 价差 | | 沪铅近月-沪铅连一 | 元/吨 | -5.00 | | 15.00 | | | 元/吨 | | 沪铅连一-沪铅连二 | | ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20251118：沪铅上方承压；沪锌或有回调 | | | --- | --- | | 2025/11/18 指标 单位 今值 变动 近期趋势 | | | SMM1#铅锭平均价格 元/吨 17,275.00 -0.86% | | | 沪铅期现价格 17,355.00 -0.80% 期货主力合约收盘价 元/吨 | | | 元/吨 -30.00 -20.00 沪铅连一-沪铅连二 铅 | | | -23.09 1.17 升贴水-LME 0-3 美元/吨 | | | 期货活跃合约成交量 手 74,591.00 99.73% | | | 价差 沪铅近月-沪铅连一 元/吨 -55.00 -5.00 | | | 成交持仓 期货活跃合约持仓量 手 74,585.00 94.15% | | | 沪铅连二-沪铅连三 元/吨 -25.00 -15.00 | | | 沪伦铅价比值 / | | | 成交持仓比 / 1.00 2.88% LME库存 吨 266,125.00 0.00% | | | 库存 | | | 沪铅仓单库存 吨 32, ...

Report Industry Investment Rating - Not provided Core Views - For lead, due to high lead prices, downstream purchasing enthusiasm has weakened. Meanwhile, refinery profits are good, and the import window is open, so the tight supply situation has improved. Lead prices are under significant upward pressure and may oscillate downward [1] - For zinc, considering the weak domestic end - market and the Fed's hawkish remarks on interest rate cuts, there is a certain suppression on the upside of zinc prices. The LME zinc back structure has weakened, and the overseas structural risk has decreased. Zinc prices lack continuous upward momentum. In the medium - term, the mining end will tighten in the fourth quarter, and TC is likely to fall, which will support zinc prices. One can wait for opportunities to go long after a short - term correction [1] Summary by Related Catalogs Lead Price and Market Data - On November 7, 2025, the average price of SMM1 lead ingots was 17,225 yuan/ton, down 0.58% from the previous day; the closing price of the futures main contract was 17,430 yuan/ton, down 0.26% from the previous day; the Shanghai lead basis was - 205 yuan/ton, down 55 yuan; the LME 0 - 3 lead premium was - 30.22 dollars/ton, down 5.82 dollars; the trading volume of the futures active contract was 44,172 lots, down 4.83%; the open interest was 62,498 lots, down 4.87%; the LME inventory was 205,500 tons; the Shanghai lead warehouse receipt inventory was 21,903 tons, up 0.92%; the LME 3 - month lead futures closing price (electronic trading) was 2,019.50 dollars/ton; the Shanghai - London lead price ratio was 8.63, down 0.26% [1] Fundamental Information - There is no expected increase in lead concentrate imports, and processing fees are likely to rise but difficult to fall, not substantially affecting refinery operations. Some refineries have maintenance plans, and the operation of primary lead has small fluctuations. For secondary lead, refineries that had maintenance are gradually resuming, increasing supply. On the demand side, the terminal market has improved, and lead - acid battery enterprises are operating well, increasing demand [1] News - After the northern region enters the centralized heating period, air pollution pressure increases. Some recycling enterprises in North China have updated their logistics fleets to "National VI" standard vehicles, believing that transportation controls will not substantially affect the recycling and sales of waste lead - acid batteries. On November 5, the [LME0 - 3 lead] was at a discount of 30.22 dollars/ton, and the open interest decreased by 1,565 lots to 149,952 lots [1] Investment Strategy - Hold previous short positions [1] Zinc Price and Market Data - On November 7, 2025, the average price of SMM1 zinc ingots was 22,430 yuan/ton, unchanged from the previous day; the closing price of the futures main contract was 22,675 yuan/ton, up 0.11% from the previous day; the Shanghai zinc basis was - 245 yuan/ton, down 25 yuan; the Shanghai zinc ingot premium was - 55 yuan/ton, up 20 yuan; the Tianjin zinc ingot premium was - 95 yuan/ton, unchanged; the Guangdong zinc ingot premium was - 95 yuan/ton, unchanged; the LME 0 - 3 zinc premium was 98.23 dollars/ton, down 40.55 dollars; the trading volume of the futures active contract was 100,028 lots, down 0.80%; the open interest was 113,005 lots, up 0.47%; the LME inventory was 34,100 tons; the Shanghai zinc warehouse receipt inventory was 68,022 tons, down 0.59%; the LME 3 - month zinc futures closing price (electronic trading) was 3,054.50 dollars/ton; the Shanghai - London zinc price ratio was 7.42, up 0.11% [1] Fundamental Information - Refineries have sufficient raw material inventories, and zinc ore processing fees are rising. Last week, the domestic zinc concentrate processing fee decreased to 2,850 yuan/metal ton, and the imported zinc ore processing fee index decreased to 102.54 dollars/dry ton. Affected by the low internal - external price ratio, domestic mines have an advantage, and refineries mainly purchase domestic ores. In October, the domestic TC may still decline. On the supply side, refinery profits and production enthusiasm have improved, and the monthly output is expected to be around 600,000 tons. On the demand side, there is no significant improvement, but with the continuous deterioration of the Shanghai - London ratio, the zinc ingot export window is expected to open [1] News - Gold Resource disclosed its Q3 2025 output, with a zinc ore metal output of 784 tons, a year - on - year decrease of 55%. The Q3 output was affected by the shortage of key mining equipment supply and the lack of production faces. New production faces were put into use at the end of Q3. On November 5, the [LME0 - 3 zinc] was at a premium of 98.23 dollars/ton, and the open interest increased by 1,503 lots to 228,618 lots [1] Investment Strategy - Wait for opportunities to go long after a short - term correction [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - For lead, the lead market shows both supply and demand growth, but refinery operations are below expectations due to factors like raw materials, leading to tight spot circulation and low social inventories. With the lead price rising significantly, refineries are profitable and the import window is open. There is a need to be vigilant about the lead price's potential to rise and then fall [1]. - For zinc, the macro - sentiment has improved, and the domestic ore supply situation has tightened. The zinc price has some support at the bottom, but considering the weak domestic end - market, the upward momentum for the zinc price may be insufficient [1]. Summary by Relevant Information Lead - **Price and Market Data**: The average price of SMM1 lead ingots decreased by 0.29% compared to the previous day, and the closing price of the Shanghai lead main contract dropped by 0.43% compared to the previous day. The trading volume of the active futures contract increased by 2.78%, and the open interest increased by 0.65%. The LME inventory and Shanghai lead warehouse receipt inventory remained unchanged at 232,375 tons and 23,048 tons respectively. The Shanghai - London lead price ratio decreased by 0.43% to 8.69 [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some refineries have maintenance plans, causing a slight fluctuation in primary lead production. For recycled lead, refineries that had previously undergone maintenance are gradually resuming production, increasing supply. The terminal market has improved, and lead - acid battery enterprises are operating well, with demand increasing [1]. - **Company News**: Shengda Resources' subsidiary, Dongsheng Mining, received approval for the resumption of work on its 250,000 - ton/year mining project of the Bayanwula silver polymetallic mine. The mine has not been completed and put into production, and the accident did not have a significant impact on the company's current operating performance [1]. - **Trading Strategy**: Consider lightly shorting at high levels [1]. Zinc - **Price and Market Data**: The average price of SMM1 zinc ingots increased by 0.09% compared to the previous day, and the Shanghai zinc main contract rose by 0.04% compared to the previous day. The trading volume of the active futures contract decreased by 7.96%, and the open interest increased by 0.85%. The LME inventory remained unchanged at 37,050 tons, and the Shanghai zinc warehouse receipt inventory decreased by 0.19% to 65,724 tons. The Shanghai - London zinc price ratio increased by 0.04% to 7.41 [1]. - **Fundamentals**: Refineries have sufficient raw material stocks, and zinc ore processing fees are rising. The domestic zinc concentrate processing fee decreased to 3,250 yuan/metal ton last week, and the imported zinc ore processing fee index decreased to 110.25 US dollars/dry ton. Refineries mainly purchase domestic ores. The refinery profit and production enthusiasm have improved, with an expected monthly output of around 600,000 tons. The demand has not improved significantly, but the zinc ingot export window may open as the Shanghai - London ratio continues to decline [1]. - **Trading Strategy**: Temporarily observe [1].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - For lead, the import of lead concentrates has no expected increase, and processing fees are likely to rise but not fall. However, it has not had a substantial impact on refinery operations. Some refineries have maintenance plans, and the operation of primary lead has a slight decline. The terminal market shows no significant improvement, and the peak - season effect is not evident. The supply is tightened in the short - term, and lead prices are expected to remain high in the short term, but the limited improvement in demand may suppress the upside space [1]. - For zinc, refineries have sufficient raw material stocks, and zinc ore processing fees are rising. The production profit and enthusiasm of refineries have improved, and the output shows an increasing trend. The demand has improved, and the zinc ingot export window may open. Although the fundamentals of Shanghai zinc are weak, the low LME zinc inventory and the back structure support the zinc price. After the interest - rate cut expectation is fulfilled, Shanghai zinc is expected to strengthen in the short term, but the upside space may be limited due to fundamental constraints [1]. 3. Summary by Related Catalogs Lead Price and Spread - The average price of SMM1 lead ingots is 16,950 yuan/ton with no change. The closing price of the lead futures main contract is 17,100 yuan/ton, up 0.26%. The lead basis is - 150 yuan/ton, a decrease of 45 yuan/ton. The LME 0 - 3 lead premium is - 46.43 dollars/ton, and the LME 3 - 15 lead premium is - 70.50 dollars/ton [1]. Trading Volume and Open Interest - The trading volume of the lead futures active contract is 44,958 lots, down 18.23%. The open interest is 42,195 lots, down 6.43%. The trading - to - open - interest ratio is 1.07, down 12.61% [1]. Inventory - The LME lead inventory is 225,350 tons with no change, and the Shanghai lead warehouse receipt inventory is 2,005 tons, down 0.07% [1]. News - The construction of the Zhugongtang lead - zinc mine project in Hezhang County has made phased breakthroughs. The main project of the concentrator has entered the steel - structure construction stage. The project is expected to invest 762 million yuan this year and strive to complete the main systems construction by the end of December and achieve trial production in the first mining area [1]. - On September 16, the LME 0 - 3 lead was at a discount of 49.61 dollars/ton, and the open interest decreased by 277 lots to 165,625 lots [1]. Zinc Price and Spread - The average price of SMM1 zinc ingots is 22,090 yuan/ton, down 0.32%. The closing price of the zinc futures main contract is 22,280 yuan/ton, up 0.11%. The zinc basis is - 95 yuan/ton, a decrease of 190 yuan/ton. The LME 0 - 3 zinc premium is 24.36 dollars/ton [1]. Trading Volume and Open Interest - The trading volume of the zinc futures active contract is 96,254 lots, down 0.40%. The open interest is 78,094 lots, down 8.11%. The trading - to - open - interest ratio is 1.23, up 8.40% [1]. Inventory - The LME zinc inventory is 48,975 tons with no change, and the Shanghai zinc warehouse receipt inventory is 52,720 tons, up 1.05% [1]. News - On September 17, Orion Minerals' subsidiary signed a financing and concentrate purchase agreement with a subsidiary of Glencore for the Prieska project. Orion Minerals plans to achieve the first production of the Prieska Copper Zinc Mine project at the end of 2026 or early 2027 and aims to increase copper production to over 30,000 tons/year and zinc production to 65,000 tons/year [1]. - On September 16, the LME 0 - 3 zinc was at a premium of 41.33 dollars/ton, and the open interest decreased by 2,659 lots [1]. Investment Strategy - For lead, investors with existing long positions should protect their profits [1]. - For zinc, investors can try to go long at low prices with a light position [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - For lead, due to no expected increase in lead concentrate imports, stable increase in primary lead production, and high costs and low production in the secondary lead sector, along with the transition from the off - season to the peak season in demand, lead prices are expected to oscillate upwards but with limited upside due to inventory accumulation risks [1]. - For zinc, with sufficient raw material reserves in smelters, improved supply of zinc concentrates, and weak downstream demand, zinc prices have rebounded recently but the upside is limited. Attention should be paid to short - selling opportunities after the disappearance of positive factors [1]. 3. Summary by Relevant Catalogs a. Price and Market Data - **Lead**: SMM1 lead ingot average price was 16,975 yuan/ton, down 0.29%; futures main contract closing price was 17,210 yuan/ton, down 0.49%; LME3 - month lead futures closing price was 2,057 dollars/ton; the ratio of Shanghai - London lead prices was 8.37, down 0.49% [1]. - **Zinc**: SMM1 zinc ingot average price was 22,200 yuan/ton, down 0.63%; futures main contract closing price was 22,090 yuan/ton, down 1.43%; LME3 - month zinc futures closing price was 2,735.5 dollars/ton; the ratio of Shanghai - London zinc prices was 8.08, down 1.43% [1]. b. Inventory - **Lead**: As of July 7, SMM lead ingot five - location inventory was 5.79 million tons, up 0.15 million tons from June 30 and 0.1 million tons from July 3 [1]. - **Zinc**: As of July 7, SMM zinc ingot seven - location inventory was 8.91 million tons, up 0.85 million tons from June 30 and 0.67 million tons from July 3 [1]. c. Production News - The Xinjiang Huoshaoyun 600,000 - ton lead - zinc smelting project, built by China Wuye Group, has been put into production. After reaching full capacity, it can process 2.5 million tons of lead - zinc ore annually, producing 560,000 tons of zinc ingots and 110,000 tons of lead ingots [1]. d. Market Analysis - **Lead**: Lead concentrate imports have no expected increase, processing fees are likely to rise, primary lead production is stable, and secondary lead production is limited by high costs. Demand is transitioning from the off - season to the peak season [1]. - **Zinc**: Zinc smelters have sufficient raw materials, zinc concentrate supply has improved, and downstream demand is weak, mainly for just - in - time replenishment [1].

Report Industry Investment Rating - Not provided Core Viewpoints - Lead prices have continued to rise supported by raw materials and reduced production at secondary lead plants, but the lack of peak season demand and inventory accumulation risks limit further upward momentum [1] - Zinc prices have rebounded due to positive macro - sentiment and supply - side disturbances, but the rebound suppresses downstream purchasing, and inventory accumulation suggests limited upside potential, with opportunities to short after positive factors fade [1] Summary by Relevant Catalogs Lead Market Price and Spread - The average price of SMM1 lead ingots decreased by 0.29% to 16,950 yuan/ton, and the closing price of the main futures contract rose by 0.44% to 17,200 yuan/ton. The basis of Shanghai lead decreased by 125 yuan/ton to - 250 yuan/ton [1] - The LME 0 - 3 spread decreased by 5.43 dollars/ton to - 27.57 dollars/ton, and the LME 3 - 15 spread increased by 3.40 dollars/ton to - 54.60 dollars/ton [1] Trading Volume and Open Interest - The trading volume of the active futures contract decreased by 20.49% to 32,321 lots, and the open interest decreased by 0.76% to 51,408 lots. The trading volume to open interest ratio decreased by 19.88% to 0.63 [1] Inventory - LME lead inventory remained unchanged at 271,925 tons, and Shanghai lead warehouse receipts increased by 0.88% to 46,288 tons. As of June 30, SMM lead ingot five - location inventory was 5.63 tons, up from previous weeks [1] Fundamental Information - A large secondary lead smelter in East China had poor production in June and may cut production in July. Lead concentrate imports are not expected to increase, and processing fees are likely to rise [1] - Secondary lead smelters face raw material shortages and cost inversion, leading to reduced production. Demand is expected to improve as it transitions from the off - season to the peak season [1] Zinc Market Price and Spread - The average price of SMM1 zinc ingots decreased by 0.36% to 22,420 yuan/ton, and the closing price of the main futures contract rose by 0.38% to 22,495 yuan/ton. The basis of Shanghai zinc decreased by 165 yuan/ton to - 75 yuan/ton [1] - The LME 0 - 3 spread decreased by 9.99 dollars/ton to - 10.23 dollars/ton, and the LME 3 - 15 spread decreased by 6.11 dollars/ton to - 44.83 dollars/ton [1] Trading Volume and Open Interest - The trading volume of the active futures contract decreased by 28.74% to 160,924 lots, and the open interest decreased by 1.57% to 140,186 lots. The trading volume to open interest ratio decreased by 27.60% to 1.15 [1] Inventory - LME zinc inventory remained unchanged at 117,475 tons, and Shanghai zinc warehouse receipts increased by 11.06% to 7,077 tons. As of June 30, SMM zinc ingot seven - location inventory was 8.06 tons, up from previous weeks [1] Fundamental Information - Zinc smelters have sufficient raw material inventory, and zinc concentrate processing fees are rising. The production of zinc smelters is expected to increase [1] - Zinc price rebounds suppress downstream purchasing, and demand is mainly for replenishing inventory as needed [1] Industry News - Sulliden Mining Capital Inc. acquired a 48% stake in a nickel, zinc, and lead exploration project in Poland, which includes two concessions [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The rebound of lead and zinc prices has limited sustainability. For lead, although the price has been rising due to raw material and production cuts in secondary lead, the downstream has not entered the peak season, and there is a risk of inventory accumulation, which restricts the upward momentum. For zinc, although the price has rebounded due to positive macro - sentiment and supply - side disturbances, the rebound may suppress downstream purchasing enthusiasm, and the rebound space is expected to be limited [1]. Summary by Related Information Lead - related Information - **Price and Market Indicators**: On June 30, 2025, the average price of SMM1 lead ingots was 17,000 yuan/ton with no change; the closing price of the main futures contract of Shanghai lead was 17,125 yuan/ton, down 0.58%; the Shanghai lead basis was - 125 yuan/ton, up 100 yuan; the trading volume of the active futures contract was 40,650 lots, down 22.78%; the open interest was 51,800 lots, up 1.21%; the trading - to - open - interest ratio was 0.78, down 23.70%; the LME inventory was 273,425 tons with no change; the Shanghai lead warehouse receipt inventory was 45,885 tons, up 1.34%; the closing price of LME 3 - month lead futures (electronic trading) was 2,041.50 dollars/ton, up 0.15%; the Shanghai - London lead price ratio was 8.39, down 0.73% [1]. - **Enterprise Operating Rates**: From June 21 to June 27, the weekly operating rate of SMM primary lead enterprises was 66.21%, down 3.8 percentage points month - on - month; the weekly operating rate of secondary lead enterprises was 34.6%, up 4.9 percentage points month - on - month; the weekly operating rate of lead - acid battery enterprises was 68.77%, down 4.05 percentage points month - on - month [1]. - **Enterprise Output**: According to Tibet珠峰's 2024 annual report, the total output of lead, zinc, and copper concentrate products was 93,700 tons, including 45,100 tons of lead metal (up 19.22% year - on - year), 47,500 tons of zinc metal (up 5.39% year - on - year), 1,149 tons of copper metal (up 28.99% year - on - year), and 74.27 tons of silver metal [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. The operation of primary lead is stable with a slight increase. For secondary lead, the price of waste lead - acid batteries has been rising, raw materials are in short supply, and some refineries have cut or stopped production. The demand side is transitioning from the off - season to the peak season, and downstream purchasing is expected to improve, but there is still a risk of inventory accumulation [1]. Zinc - related Information - **Price and Market Indicators**: On June 30, 2025, the average price of SMM1 zinc ingots was 22,500 yuan/ton, up 1.40%; the closing price of the main futures contract of Shanghai zinc was 22,410 yuan/ton, up 0.76%; the Shanghai zinc basis was 140 yuan/ton, up 90 yuan; the trading volume of the active futures contract was 225,824 lots, up 34.33%; the open interest was 142,428 lots, up 5.01%; the trading - to - open - interest ratio was 1.59, up 27.93%; the LME inventory was 119,225 tons with no change; the Shanghai zinc warehouse receipt inventory was 6,372 tons, down 1.56%; the closing price of LME 3 - month zinc futures (electronic trading) was 2,778.50 dollars/ton, up 0.31%; the Shanghai - London zinc price ratio was 8.07, up 0.46% [1]. - **Enterprise Operating Rates**: From June 21 to June 27, the weekly operating rate of galvanizing enterprises was 56.21%, down 2.39 percentage points month - on - month; the weekly operating rate of die - casting zinc alloy enterprises was 46.54%, down 8.58 percentage points month - on - month; the weekly operating rate of zinc oxide enterprises was 58.72%, down 0.28 percentage points month - on - month [1]. - **Supply - side News**: In July, a zinc mine in North China plans to conduct maintenance for about 10 days, which will affect about 1,500 metal tons of zinc concentrate; as of June 27, the total inventory of zinc concentrate at major Chinese ports was 313,000 tons, a decrease of 12,000 tons from the previous week [1]. - **Fundamentals**: Refineries have sufficient raw material inventories, and zinc concentrate processing fees are rising. The tight supply of zinc concentrate has improved, the restriction on refinery production due to raw material shortages has weakened, and the cost - side support has decreased. The demand side is weak, and downstream enterprises mainly replenish inventory as needed [1].